Monday, Oct 27, 2008
Hometrack: -1.3% MoM, -7.3% YoY
Guardian: UK house prices fall at record pace in October
U.K. house prices fell at the sharpest rate on record in October both on the month and the year, and they look set to continue plunging, a survey by Hometrack showed Monday.
House prices fell 1.3% from September and by 7.3% on the year. Both declines were the largest since the survey began in July 2000.
In September, house prices fell 1.0% on the month and 6.2% on year.
Richard Donnell, Hometrack's director of research said:"The expectation of a forthcoming recession and rising unemployment will further undermine demand for housing and continued price falls are inevitable in the months ahead."
A separate report from the CEBR predicts the average property will fall in price by £50,000 by the end of next year to 2004 levels.
Posted by little professor @ 12:38 AM (202 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.